The entry-level Quickbooks Online software itself is expensive $250/yr... that's not even adding up potential books/courses, CPA fees or personal tax filing software like Turbo Tax.

Hi All,I have a question for those of that are tax savvy.

If she doesn't have a job or she works less than 800 hours in the job, she is eligible to claim real estate professional status.That means the losses will be considered active instead of passive.

Unfortunately, the only way to collect is through a small claims suit, which even when you win, guarantees you nothing. 

They love saving on fees and taxes and love you for it too. 

Hi ST King,The price increases with insurance and taxes has certainly cut back our cash flow on many of our properties, but fortunately rents and rental demand have been pretty strong going into 2024.

I purchased the property from Cheap Lands and was issued a Quit Claim Deed.

(They have already put me in touch with a service)- they have an outside vendor that will collect taxes for usThe rep for my area has been very helpful.

I'm mailing to tax delinquent owners.

On the other hand, STRs present higher income potential, flexibility in pricing, and potential tax advantages, but require active management, adherence to regulations, and may entail unpredictable income.